- Cyprus Property News Magazine - https://www.news.cyprus-property-buyers.com -

Bank seeks bankruptcy for Paradise Hills developer

THE BANK of Cyprus has petitioned the bankruptcy of a UK citizen alleged to have fled Cyprus after a failed property development which left UK expatriates occupying an unfinished villa complex.

The bankruptcy order was issued against Martin Dean Bissenden in Canterbury Crown Court on Tuesday (4 June).

It follows a statutory demand for a £2.4m debt made on Bissenden by the bank in October last year.

Bissenden, of 11 Dence Park, Herne Bay, Kent, CT6 6BG, is listed in the UK as a director of a firm called MDB Properties Limited, which was dissolved in 2009.

A firm of the same name went bust in Cyprus during the development of a villa complex in Paphos called Paradise Hills, leaving families which purchased properties there without a proper electricity connection.

ITV’s Homes from Hell subsequently visited the complex to report on the plight of the residents, who were also unable to take full ownership of the homes they had paid for as the title deeds could not be released for an unfinished development.

Subsequent reports also suggested the Bank of Cyprus rejected a rescue plan put forward by One World, the Cyprus-based administrators of MDB Properties, to save the complex in October 2011.

The local media suggested the managing director of the developer had fled the island after the firm went into administration.

Meanwhile, a blog post purporting to be from Lance Hames, one of the Paradise Hills residents, claimed a Martin Bissenden from Herne Bay in Kent had disappeared after running up significant debts with the Bank of Cyprus before the property developer went into administration.

Bissenden has no contact details but Credit Today contacted the Canterbury Crown Court and the Official Receiver’s office, neither of whom could divulge information on the case.

Credit Today was also unable to make contact on the press office number supplied by the Bank of Cyprus.

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